The AI Hype Train Continues

If you opened Google News this morning and switched to the business tab, you saw a lot of AI news. 🙄

Whether it’s a good day in the market. A bad day in the market. Or a “meh” day in the market. Artificial intelligence (AI) continues to reign supreme. Let’s review some of the top headlines from today so you’re all caught up. 👇

First up is Amazon, investing up to $4 billion in artificial intelligence firm Anthropic, a rival to OpenAI. The company was founded about two years ago by former OpenAI research executives and recently debuted its AI chatbot called Claude 2.

Amazon is looking to position itself as the one-stop shop for AI, designing its own chips for training huge AI models. Amazon Bedrock customers can also create their own generative AI applications on Amazon Cloud, and the company also sells its own AI applications. 🌥️

Its minority ownership stake creates a strategic collaboration to advance generative AI, with the startup using Amazon Web Services as its primary cloud provider. It will also use custom AWS-designed semiconductors to train its foundational models that create its AI applications. Meanwhile, AWS customers will receive early access to unique features for model customization and fine-tuning.

Next up is Wall Street going all in on Microsoft, as Guggenheim becomes the last analyst to move its sell rating on the stock up to neutral. As for the catalyst, it cited that generative AI is “too positive a force to contend with…” though it remains unclear how much monetization it will drive and when.

Roughly 90% of the analysts tracked by Bloomberg have a buy rating on Microsoft, while the rest have a hold rating. Those are some big shoes to fill for a stock that’s had a strong 2023 so far. 🔺

Meanwhile, Snapchat found a new advertising partner in Microsoft for the ads it’s using in its AI products. The “Microsoft Advertising’s Ads for Chat API” will allow Snap’s “Sponsored Links” to connect users with relevant partners related to their conversation, allowing advertisers to reach customers right as they’re showing interest in their product or service.

And lastly, Getty Images has created an AI image generator that uses only its licensed images. Through its development partnership with Nvidia, it’s hoping this product can help tackle the copyright and ownership concerns that have plagued the AI content space so far. The company was previously at the center of this controversy, suing Stability AI for using its images without permission in its image generator called “Stable Diffusion.” 🖼️

Rain or shine, AI is on the mind. We will continue to keep you updated as more news rolls in. 👍

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Canon Pivots From Pics To Chips

The Japanese conglomerate is best known for its printers and cameras but hopes a business pivot will help get its stock price going again. 💡

Today, the company launched a tool that helps manufacture the most advanced semiconductors. Its “nanoimprint lithography” (NIL) system is the company’s attempt to compete with Dutch firm ASML, which leads the extreme ultraviolet (EUV) lithography machine industry. 

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OpenAI May Be ClosedAI Shortly

It’s been a crazy weekend for ChatGPT-maker OpenAI and its largest shareholder, Microsoft. TechCrunch has a solid recap of the timeline and events, but it can be summarized like this. 📝

OpenAI’s board fires CEO Sam Altman unexpectedly.
Other OpenAI executives and employees begin to quit.
Investors and other stakeholders push back.
OpenAI board starts talks with Altman to return.
The two sides are unable to reach an agreement.
Altman & others join Microsoft to lead a new AI research team.
The vast majority of OpenAI’s 770 employees threaten to resign.

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All About Artificial Intelligence (AI)

It was another busy day for artificial intelligence (AI) news, with three U.S. tech giants unveiling new information and reporting earnings. 📰

Let’s quickly cover the more concise news before jumping into earnings, starting with Google launching its new AI model that it hopes will take down GPT-4. CEO Sundar Pichai said that Google is entering a new era of AI: the Gemini era. 

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Several Corporate Shakeups

There were several high-profile management changes announced today. We’ve got you covered with a summary below. 📝

First up, the founder and CEO of dating app Bumble, Whitney Wolfe Herd, is planning to step down early next year as she transitions to a new role as executive chair. She’ll be replaced by Lidiane Jones, the current CEO of Salesforce’s cloud-based messaging platform Slack. The announcement came ahead of Bumble’s earnings results, which will be released Tuesday after the bell. Like other pandemic-era companies that came public during the bull market, Bumble’s share price has struggled since day one and is currently sitting at all-time lows. 📉

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